Wilmington, Delaware, April 05, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Hydraulic and Electric Linear Actuators Market by Type (Hydraulic and Electric), Sales Type (OEM and Aftermarket), End-user Industry (Manufacturing & Industrial Automation, Aerospace, Construction & Heavy Machinery, Oil & Gas, Mining, Automotive, Marine, Power Generation, Renewable Energy, Medical Equipment, Material Handling, Defense & Military, Agriculture Machinery, and Others), and Force Capacity (Up to 250 Pounds, 250 Pounds to 1,000 Pounds, and Above 1,000 Pounds): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "hydraulic and electric linear actuators market" was valued at $54,287.50 million in 2022, and is estimated to reach $118,182.80 million by 2032, growing at a CAGR of 8.1% from 2023 to 2032.
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Prime determinants of growth
The continual emphasis on efficiency, precision, and streamlined production methods within the global industry has resulted in a significant increase in demand for sophisticated motion control systems like linear actuators. Accurate movement of components is crucial for industrial automation, with both hydraulic and electric linear actuators playing pivotal roles. Specifically, electric linear actuators are favoured in automated systems because of their precision, versatility, and ease of control. The rising popularity of hydraulic and electric linear actuators in industrial automation can be attributed to the relentless pursuit of higher productivity, reduced operating expenses, and enhanced efficiency within the manufacturing and processing sectors.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Historic Year | 2022 |
| Market Size In 2022 | $54,287.50 Million |
| Market Size In 2032 | $118,182.80 Million |
| CAGR | 8.1% |
| No. Of Pages In Report | 1516 |
| Segments Covered | Type, Sales Type, End-User Industry, Force Capacity, And Region. |
| Drivers | Rise In Industrial Automation In Manufacturing Industry. Surge In Applications In Healthcare. |
| Opportunity | Rapid Advancements In Electric Actuator Technology. |
| Restraint | Environmental Impact Of Fluid Used In Hydraulic Linear Actuator. |
COVID-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global hydraulic and electric linear actuators market, owing to temporary closure of linear actuator manufacturing firms during the lockdown.
- Not only the production but also the sale of linear actuator was hampered due to the closure of end-user industries across the world, especially in the initial period of the pandemic.
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The electric segment to maintain its leadership status throughout the forecast period.
By type, the electric segment held the highest market share in 2022, accounting for nearly three-fourths of the global hydraulic and electric linear actuators market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the same segment is projected to manifest the highest CAGR of 8.3% from 2023 to 2032. This is owing to cleaner operation, simpler installation, precise control, lower maintenance requirements, and compatibility with automation systems in various applications.
The aftermarket segment to maintain its leadership status throughout the forecast period.
By sales type, OEM segment held the highest market share in 2022, accounting for more than three-fourths of the global hydraulic and electric linear actuators market and is estimated to maintain its leadership status throughout the forecast period. The aftermarket segment is projected to manifest the highest CAGR of 8.8% from 2023 to 2032. This is owing to rising demand of growing demand for products and services across various industries, such as automotive, construction, manufacturing, and healthcare, necessitates the production of more equipment and machinery.
The aerospace segment to maintain its lead position during the forecast period.
By end-user industry, the manufacturing and industrial automation segment accounted for the largest share in 2022, contributing to nearly one-eighth of the global hydraulic and electric linear actuators market revenue, and is projected to maintain its lead position during the forecast period. The aerospace segment is expected to portray the largest CAGR of 14.8% from 2023 to 2032. This is owing to rising demand of linear actuators for different industries for applications such as robotic automation, production line equipment, throttle control, variable valve timing, braking systems and other applications.
The up to 250 pounds segment to maintain its lead position during the forecast period.
By force capacity, the above 1,000 pounds segment accounted for the largest share in 2022, contributing to more than two-thirds of the global hydraulic and electric linear actuators market revenue, and is projected to maintain its lead position during the forecast period. The aerospace segment is expected to portray the largest CAGR of 14.8% from 2023 to 2032. This is owing to rising demand of hight force capacity hydraulic and electric linear actuators for industrial application.
Asia-Pacific to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global hydraulic and electric linear actuators market revenue and is likely to dominate the market during the forecast period. In addition, the same region is expected to witness the fastest CAGR of 8.9% from 2023 to 2032. Rapid urbanization and industrial development in the developing countries, such as India, China, Australia, and other countries, drives the demand for linear actuators for construction and heavy machinery due to their ability to provide precise and powerful linear motion control, which, in turn, is expected to fuel the growth of the market in APAC region.
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Leading Market Players: -
- SKF GROUP AB
- THOMSON INDUSTRIES, INC.
- PARKER HANNIFIN CORPORATION
- LINAK A/S
- BOSCH REXROTH AG
- EATON CORPORATION PLC
- EMERSON ELECTRIC CO.
- KYB CORPORATION
- FLOWSERVE CORP.
- SMC CORPORATION
The report provides a detailed analysis of these key players in the global hydraulic and electric linear actuators market. These players have adopted different strategies such as new product launches, collaborations, expansion, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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